The theater arts have long been a focal point of the rich artistic and cultural life on the Monterey Peninsula, and PacRep Theatre has emerged as the finest theatre company in the region. To ensure its future success, a planned giving program has been established for our supporters who feel passionately about carrying on this legacy to future generations. By participating, you will become part of our prestigious Encore Circle.
You may do this by including PacRep Theatre as a beneficiary in your will, trust, retirement plan, insurance policy or other estate plan. Regardless of the size or nature of the gift, members of the Encore Circle play a permanent and vital role in PacRep's future. When you notify the theatre about your gift, whether intended or received, you will automatically be enrolled in the Encore Circle.
If you have already included PacRep in a bequest or other planned gift, we extend our most sincere thanks, and hope you will let us know. Your willingness to be listed as a member of the Encore Circle encourages others to follow your example.
For further information on the ways you can help PacRep plan for the future, please click on the gift topic that interests you:
Bequests Life Insurance Retirement Assets Life Income Agreement
Besides earning our appreciation for their philanthropic leadership and vision, Encore Circle members will receive numerous benefits, including:
Recognition in PacRep's season program
Invitation to an annual
Encore Circle reception or dinner
Invitation to any planned giving informational event
Invitations to special cast parties
A newsletter for members
For more information about the Encore Circle, or for inquiries about making a bequest or other planned gift, please contact PacRep Board Treasurer Don Hilburn at 831-624-2808.
To download our new Planned Giving Brochure, please click here.
BEQUESTS
What is a bequest?
A bequest is probably the most popular method of planned giving. You make a bequest through your will or living trust. Both of these are legal
documents that direct how your property will be used and distributed after your lifetime. A bequest can be stocks or bonds, cash, mutual funds, real
estate, or any other asset of value.
When should a bequest be considered?
One common situation when a bequest is particularly appropriate is when someone wants to support PacRep but is unsure if he or she will haveneed of that financial resource during his or her own lifetime. A bequest only comes into being if you pass on with remaining assets.
What are the advantages of a bequest?
• Does not reduce your current income or jeopardize your ability to sustain yourself financially while you are alive
• Enables you to provide substantial future support to a cause that is important to you
• May reduce estate taxes (depending upon the size of your estate)
• Is revocable, which means you can change your mind at any time
• Provides automatic membership in the Encore Circle, the community of PacRep supporters who have made similar provisions
What are the different ways a bequest can be structured?
Bequests can be as flexible and creative as the donor wishes. Some common forms of bequests are:
• A specific dollar amount or property item (such as real estate)
• A percentage of your estate or the residual of your estate after all other bequests have been satisfied
LIFE INSURANCE GIFTS
What is a Life Insurance Gift?
This is one of the easiest planned gifts to make. Simply name PacRep as beneficiary of your existing life insurance policy.
When should a Life Insurance Gift be considered?
People usually purchase life insurance as a way to protect their families should an income provider unexpectedly die. After you stop working or
your family is grown, the need for life insurance often disappears. Many of these policies grow to considerable value and either have very low premiums, or are self funding.
What are the advantages of a gift of life insurance?
• Easy to set up and change, simply contact your life insurance company and request a change of beneficiary form
• Does not reduce your current income or jeopardize your ability to sustain yourself financially while you are alive
• Enables you to provide substantial future support to a cause that is important to you and may reduce estate taxes (dependent upon
estate’s size and structure)
This gift is revocable, which means you can change your mind at any time Automatic membership in the Encore Circle, the community of PacRep
supporters who have made similar provisions.
GIFTS OF RETIREMENT ASSETS
What is a Retirement Asset Gift?
This is also one of the easiest planned gifts you can make, and potentially the least costly to your heirs. You simply name PacRep as the beneficiary, or the contingent beneficiary after your spouse, of your IRA, 401(k), 403(b), Keogh, or other retirement plan asset. You continue to control these investments and take the minimum distributions as required by law, plus any other distributions that you may need.
Considering a Retirement Asset Gift ?
This gift is particularly attractive to those who will likely be subject to estate taxes. Upon the death of the owner (or spouse if named as a primary beneficiary), retirement assets are subject to both income taxes and estate taxes. This can result in a loss of 70% or more of the asset to taxes. Alternatively, you can give this asset to PacRep and avoid both estate and income taxes on this asset.
What are the advantages of a Retirement Asset Gift?
• Easy to set up and change, simply contact your IRA custodian or retirement plan administrator and request a change of beneficiary
form
• Does not reduce your current income or jeopardize your ability to sustain yourself financially while you are alive
• Enables you to provide a substantial future support to a cause that is important to you
• May reduce estate taxes and future income taxes (depending upon the size and structure of your estate)
• Is revocable, which means you can change your mind at any time
• Provides automatic membership in the Encore Circle, the community of PacRep supporters who have made similar provisions
LIFE INCOME AGREEMENT
What is a Life Income Agreement?
Also known as a Charitable Remainder Trust, with a Life Income Agreement, you make an irrevocable gift in exchange for an income stream for the remainder of your life or the life of yourself and your spouse. Sometimes a life income gift can provide income not only during your life, but also during the lives of your children. Upon the passing of the last beneficiary, the balance goes to PacRep.
When should a Life Income Agreement be considered?
There are several situations where a life income gift can be an attractive giving option. One common situation is if you own a valuable asset that has grown substantially in value. The asset may be one that, despite its value, does not generate much in the way of income that you could use to support yourself. Because the asset has grown in value so much, you are reluctant to sell the asset and pay a large capital gains tax. Another situation is when you want to provide for children who are not capable of managing an inheritance. A life income gift would provide monthly, quarterly, or annual income for your children for the remainder of their lives. Heirs are not saddled with the responsibility of managing a large portfolio, nor would they be able to spend anything more than their latest distribution check.
What are the advantages of a Life Income Agreement?
• Income for life (or the life of your designated beneficiary)
• If you make your gift with low-yielding or unproductive assets, you may actually increase your current income
• If you make your gift with appreciated assets, you may avoid capital gains taxes
• Immediate income tax deduction when the gift is made may reduce estate taxes (depending upon the size of your estate)
• Enables you to provide substantial future support to a cause or organization that is important to you
• Automatic membership in the Encore Circle, the community of PacRep supporters who have made similar provisions
How do I create a Life Income Agreement?
Creating a life income agreement will require the professional services of an attorney who is knowledgeable in estate planning. We can help you
identify qualified attorneys if you are not already working with one.
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